Market Research Future Published a Study Research Report on Silicon Carbide Market Research Report – Global Forecast to 2023
Silicon Carbide Market Overview:
The global silicon carbide (SiC) market is galvanizing pervasively, mainly due to the growing power electronics market. According to Market Research Future (MRFR) the SiC market holds great potential to expand further in the years to come, garnering extensive prominence. MRFR in its analysis, also states that the global Silicon Carbide market will perceive exponential growth by 2023, posting a staggering CAGR during the assessment period (2018-2023).
Silicon Carbide (SiC) is an integral material for high-power electronics, and hence, accounts for a key enabler of state-of-the-art products in growing markets such as electric vehicles, data centers, and solar systems. Owing to some unique properties, such as an outstanding power switching frequency and power rating performance, SiC, has the edge over other materials such as Silicon. This also enables SiC to perceive huge applications in extreme environment where delivering high power switching property gets crucial.
Hence, it is widely used in semiconductor electronics devices that operate at high temperature or high voltage or both, making SiC a highly preferable material in end-use applications such as steel and electronics among others. Additionally, silicon carbide perceives a high demand from some of the burgeoning industries such as aerospace & aviation, energy, military & defense, and most importantly from automotive and healthcare sectors. The high uptake and augmented demand of SiC, in turn, foster the market growth on the global platform.
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Silicon Carbide Market Key Players:
The global silicon carbide Market is led by some of the fervent players including Dow Chemical Company (US), ESK SIC GmbH (Germany), Entegris Inc. (US), Carborundum Universal (India), Grindwell Norton (India), Norstel AB (Sweden), ROHM Co Ltd (Japan), Microsemi Corporation (US), Toshiba Corporation (Japan), and Renesas Electronics Corporation (Japan). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.
Silicon Carbide Market Segmentation:
The global silicon carbide market is majorly segmented on the basis of product, application, and by region. Market segmentation on the basis of products, includes black silicon carbide, green silicon carbide, and others (refractory, coated, metallurgical, metallurgical briquettes and micro grit). On the basis of application, the market is segmented into steel and energy, automotive, aerospace and aviation, military and defense, electronics and semiconductors, medical and healthcare, and others. Steel and energy are the prominent segment for which silicon carbide is largely used followed by electronics and semiconductors and automobile segment. While the medical and healthcare applications are anticipated to register the highest growth over next five years.
Based on the regions, the market is segmented into North America, APAC, Europe, Latin America and the Middle East and Africa. Asia Pacific is the dominant region and largest market among all.
Silicon Carbide Market Regional Analysis:
The Asia Pacific accounts for the leading market for silicon carbide due to the burgeoning industries such as steel & energy, electronics & semiconductors and most importantly automotive. India, Taiwan, and South Korea countries are accounting for the largest consumer of the product. The largest number of manufacturing plants and consumption in these countries is the key driving force for the market growth in the region.
Continuing with the same APAC is expected to retain its hegemony over the global market during the forecast period as well, followed by the North America region and Europe respectively. Additionally, countries such as India and China backed by the burgeoning manufacturing industry and the presence of major semiconductor manufacturing companies support the market growth in the region.
North America region accounts for the world’s second-largest market for silicon carbide, perceiving the huge demand from the automotive industry backed by the considerable demand for commercial vehicles in the region. Markets in the developed economies witness immense potential in the world of silicon carbide owing to their easy and cost-effective production processes.
Owning a substantial market share, the U.S. accounts for one of the largest five commercial vehicle manufacturing countries which makes the country, a dominant driving force, contributing to the market growth in the region. The region is projected to grow significantly during the review period.
Silicon Carbide Market Table Of Contents to be Continue………,
Browse key industry insights spread across 138 pages with 33 market data tables & 12 figures & charts from the report, “Silicon Carbide Market Research Report: By Product (Black And Green Silicon Carbide), Application (Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors, Medical & Healthcare) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023” in detail along with the table of contents @ https://www.marketresearchfuture.com/reports/silicon-carbide-market-1231
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